14 Mai 2018 Mutual Funds Asset Manager Ranking Q1 2018 Asset ManagerGerman asset Ranking managers Q1 significantly 2018 increase top-10 presence German asset managers increase top-10 presence Scope rates around 5,900 investment funds (UCITS) authorised for distribution in the German market, managed by 313 asset managers (KVGs). The KVG ranking Analyst sorts the asset managers according to their proportion of funds with a top-rating. André Härtel One third of funds evaluated by Scope currently has a top rating. Specifically, 8.5% hold +49 69 6677389 33 A-ratings and 25.4% B-ratings. Asset managers are considered above average when [email protected] more than a third of their funds possess top ratings. Large asset managers – four German companies in the top 10 Head of Mutual Funds Team Among large asset managers (i.e. more than 25 rated funds) Austrian fund manager Said Yakhloufi KEPLER-FONDS holds the top position. More than 62% of its funds currently have a top +49 69 6677389 32 rating. This puts it significantly above Investec and Metzler, which share second place [email protected] with 56% of their funds holding top ratings. Editing / Press There have been significant changes to the rest of the top 10 in comparison with Q1 André Fischer 2017. Five companies are no longer among the best-rated managers: Goldman Sachs +49 30 27891 147 AM, State Street, Legg Mason, JPMorgan and Invesco. Among these, Legg Mason [email protected] suffered the largest decline with 34.5% of funds holding a top rating in Q1 2018, compared with 54.5% the year before. Business Development Replacing them in the top 10 are Investec, Metzler, Union Investment, Vontobel and Christian Michel Allianz Global Investors. Metzler had the most significant improvement, rising from 32nd +49 69 6677389 35 to second place. (Note: Q1 2018 is the first time Investec and Vontobel have been listed [email protected] as “large asset managers”. Last year, both managers had less than 25 rated funds.) German managers significantly increased their presence among the top 10. In Q1 2017, Deka was the only German manager in the list and ranked 10th. However, as of 31 Further Publications March, Metzler, Union Investment and Allianz Global Investors also entered the top 10, Fund rating update bringing the German representation up to four managers. April 2018 An increased German presence is significant because the purely quantitative KVG- Institutional investor survey ranking tends to favour foreign managers. This is because these managers generally March 2018 only allow a fraction of their funds to be distributed in Germany – which are also their most successful. German managers, on the other hand, are represented by their entire Active versus Passive product offering in the KVG ranking. February 2018 Small asset managers – Comgest loses its top ranking Comgest lost its top position among small asset managers (i.e. less than 25 but more than eight evaluated funds). From first place in Q1 2017 with an outstanding top-rating ratio of over 90%, Comgest fell to third with a ratio of 70.6% in Q1 2018 – nevertheless, still a good result. Occupying the top positions are DNCA Finance and Sparinvest, which are both Scope Analysis GmbH represented by the minimum amount of funds required (eight). All DNCA Finance funds Lennéstraße 5 currently hold a top rating from Scope. The subsidiary of Natixis Investment Managers is 10785 Berlin primarily active in the multi-asset sector. Tel. +49 30 27891 0 Prominent investment manager Flossbach von Storch is no longer in the top 10. Its top Fax +49 30 27891 100 rating ratio fell from 70% to 50%, corresponding to a fall from fifth to 11th place. Service +49 30 27891 300 [email protected] www.scopeanalysis.com Bloomberg: SCOP 14. Mai 2018 1/4 Asset Manager Ranking Q1 2018 German asset managers significantly increase top-10 presence Figure 1: Ranking – Top-10 “large” managers Overall Equity Fixed-income Other Top No. of % Top No. of % Top Number % Top No. of % Ratings f unds Ratings f unds Ratings of f unds Ratings f unds rated rated rated rated KEPLER- 1 23 37 62.2 6 10 60.0 6 12 50.0 11 15 73.3 FONDS 2 Investec 14 25 56.0 10 16 62.5 1 5 20.0 3 4 75.0 3 Metzler 14 25 56.0 8 13 61.5 1 2 50.0 5 10 50.0 4 Robeco 19 35 54.3 15 24 62.5 4 10 40.0 0 1 0.0 Alliance 5 19 37 51.4 14 22 63.6 3 10 30.0 2 5 40.0 Bernstein 6 Deka 83 168 49.4 17 60 28.3 24 39 61.5 42 69 60.9 Union 7 53 109 48.6 17 40 42.5 8 28 28.6 28 41 68.3 Investment Fidelity 8 34 70 48.6 24 50 48.0 7 13 53.8 3 7 42.9 International 9 Vontobel AM 14 29 48.3 9 16 56.3 2 6 33.3 3 7 42.9 10 Allianz GI 48 108 44.4 20 50 40.0 3 18 16.7 25 40 62.5 Source: Scope Analy sis. As of : 31.03.2018 Figure 2: Ranking – Top-10 “small” managers Overall Equity Fixed-income Other Top No. of % Top No. of % Top No. of % Top No. of % Ratings f unds Ratings f unds Ratings f unds Ratings f unds rated rated rated rated DNCA 1 8 8 100 3 3 100 1 1 100 4 4 100 Finance 2 Sparinvest 6 8 75.0 4 5 80.0 0 1 0.0 2 2 100 3 Comgest 12 17 70.6 12 17 70.6 Wellington 4 16 23 69.6 11 12 91.7 4 8 50.0 1 3 33.3% Management Degroof 5 9 14 64.3 7 12 58.3 2 2 100 Petercam AM 5 T Row e Price 14 22 63.6 11 16 68.8 3 6 50.0 5 SKAG 5 8 62.5 3 4 75.0 0 2 0.0 2 2 100 8 MEAG 8 14 57.1 2 4 50.0 0 3 0.0 6 7 85.7 J O Hambro 9 8 15 53.3 7 14 50.0 1 1 100 IM Vanguard 10 11 21 52.4 8 14 57.1 3 7 42.9 Investments Source: Scope Analy sis. As of : 31.03.2018 14. Mai 2018 2/4 Asset Manager Ranking Q1 2018 German asset managers significantly increase top-10 presence Background – The KVG ranking Scope fund ratings evaluate the quality of a fund within its peer group. The rating reflects, among other things, the long-term earning power and stability of fund performance as well as the risk of loss and timing risk. For further details: See methodology. The fund rating covers five rating levels - from A to E. Top ratings are A and B ratings. The ratio of a manager’s top ratings to the overall number of fund ratings gives the proportion of top-rated funds. Funds with a performance history of minimum five years receive a quantitative rating from Scope. In order to represent managers’ different strategic approaches fairly, Scope compiles two separate ranking lists – one list for “small” managers that have between eight and 24 funds and one for “large managers” that have a minimum of 25 rated funds. Asset managers with fewer than eight rated funds are not considered for these rankings. For further analysis and all fund ratings, please see our funds portal : https://funds.scopeanalysis.com/portal 14. 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